HDFC Financial institution might be bringing in a slew of modifications beginning August 1, 2024, that can straight affect its bank card holders. From subsequent month, all rental transactions processed by way of third-party cost apps akin to PayTM, CRED, MobiKwik, and Cheq will incur a 1% charge on the transaction quantity, capped at ₹3,000 per transaction.Â
This modification introduces a brand new layer of price for purchasers utilizing these fashionable apps for rental funds.
Utility transactions will see a bifurcated charge construction. Whereas transactions beneath ₹50,000 stay unaffected, these exceeding this quantity might be topic to a 1% charge, additionally capped at ₹3,000 per transaction.Â
Notably, insurance-related transactions are exempt from these new fees, providing some respite for purchasers managing insurance coverage funds.
Gas transactions will now entice a 1% charge for quantities above ₹15,000, with a most charge cap of ₹3,000 per transaction. This modification applies solely to bigger gas purchases, with smaller transactions remaining fee-free.
Instructional funds made by way of third-party apps akin to CRED and PayTM may also see a 1% charge, with the same ₹3,000 cap per transaction. Nonetheless, funds made straight by way of academic establishments’ web sites or POS machines is not going to incur this charge, and worldwide academic funds are excluded from this new cost.
For worldwide transactions, HDFC Financial institution will impose a 3.5% markup charge on all cross-currency transactions, considerably affecting prospects who ceaselessly make purchases or funds overseas.
Moreover, the late cost charge construction has been revised, now starting from ₹100 to ₹300 based mostly on the excellent quantities. This modification is designed to encourage well timed funds and scale back overdue balances.
Redemption of rewards factors for assertion credit score or cashback will now price ₹50, including a minor expense to the advantages redemption course of.
For these using revolving credit score services, a finance cost of three.75% per 30 days might be utilized, calculated from the transaction date till the excellent stability is absolutely paid. This modification underscores the significance of immediate cost to keep away from accruing vital curiosity fees.
Prospects choosing the Straightforward-EMI facility will face a processing charge of as much as ₹299 for availing this selection at any on-line or offline retailer, making it barely costlier to transform purchases into EMIs.
HDFC Financial institution has additionally up to date the reward construction for Tata Neu Infinity and Tata Neu Plus bank card holders. Customers of the Tata Neu Infinity HDFC Financial institution Credit score Card will earn 1.5% NeuCoins on eligible UPI transactions made utilizing the Tata Neu UPI ID, whereas transactions with different eligible UPI IDs will earn 0.50% NeuCoins. Equally, Tata Neu Plus HDFC Financial institution Credit score Card holders will earn 1% NeuCoins on eligible UPI transactions with the Tata Neu UPI ID and 0.25% NeuCoins for transactions utilizing different eligible UPI IDs.
